Bangladesh Bank has started inspecting 26 commercial banks including four state-owned banks for scrutinising their profit, classified loan and its provision, and rescheduling of classified loans, said central bank officials. The BB inspection will end late March of this year. The central bank will inspect the other
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BB opens Mymensingh branch
The Bangladesh Bank on Wednesday inaugurated its 10th branch in Mymensingh in a bid to monitor more than 600 branches of different commercial banks in the zone. BB governor Atiur Rahman inaugurated the branch as the chief guest while its deputy governor Md Abul Kashem, Planning Commission member
Banks asked to follow new rules on torn note refund
The Bangladesh Bank on Tuesday asked the scheduled banks to follow the Bangladesh Bank (Note Refund) Regulations 2012, adding that the BB would take punitive action against the officials concerned of the banks if they fail to abide by the rules. The BB in a circular asked the banks to repay full value of a ... Read more
BB to relax rules to attract foreign investment
Bangladesh Bank is going to ease the foreign exchange regulation in a bid to attract foreign investment more to the country, said central bank officials. A BB official told New Age on Thursday that the article of 18 (A) and (B) under the Foreign Exchange Regulation Act-1974 would be relaxed
Import slump sends reserve to record $13b
The country’s foreign exchange reserve on Monday crossed $13-billion mark for the first time due mainly to a slump in imports in the last few months, Bangladesh Bank’s dollar buying spree and increasing remittance inflow. A BB official told New Age on Monday that the forex reserve had reached $13.05 billion
BB launches online monitoring
Documentary Bill Purchase BB launches online monitoring The Bangladesh Bank on Tuesday introduced three software solutions to monitor banks’ activities relating to purchases of inland and foreign documentary bills for letters of credit and flow of inward and outward remittances to ensure transparency in the foreign exchange transaction. A BB official told New Age that ... Read more
Banks post healthy operating profits
The country’s scheduled banks in the just concluded year posted healthy operating profits despite debacle in the capital market, liquidity crisis, lower loan disbursement and a stagnation condition in opening and settling of letter of credits for import. A BB official told New Age on Monday that although the growth in profits in 2012 was not
BB wants more control over state banks
Bangladesh Bank Governor Atiur Rahman yesterday called for more control over state-run commercial banks to help them run professionally and enhance their accountability. Exemption of state-owned banks from some of Bangladesh Bank’s supervisory empowerments of Banking Companies Act stands in the way of effective supervision of
Remittance inflow grows by 19 per cent in Q1
The inflow of remittance increased by 19.47 per cent in the first quarter of this financial year compared with that of the same period of the previous financial year. According to data released by Bangladesh Bank on Tuesday, the expatriate Bangladeshis sent $3,551.70 million in remittances in July-September of
Clients to be charged for inter-bank transaction
Bangladesh Bank is going to impose charge on clients of all banks for inter-bank money transactions through cheques and electronic fund transfer for the first time. Sources in the banking circle and clients said such move of the central bank would create extra burden for the clients. A BB official told New Age on Wednesday that ... Read more
BB warns state banks on classified loans
The central bank yesterday warned four state-owned commercial banks (SCBs) of rises in their classified loans and deteriorating risk management in recent months. The word of warning, which comes following the Hall-Mark Group loan scandal, was conveyed at a quarterly meeting between Bangladesh Bank and the SCBs, chaired by
BB relaxes loan rules
The central bank yesterday relaxed some rules of loan classification and provisioning to address the concerns of banks and the business community. Banks will implement the previously announced loan rules from December, instead of September. Bangladesh Bank reduced the base for provisioning by 5 percentage points to
IMF wants more clout for BB to govern banks
The head of a visiting IMF team yesterday suggested greater authority for the central bank to govern all banks, both private and state-run, to ensure prudential management of the financial sector. David Cowen, chief of the International Monetary Fund’s team, said the amendment to the
Remittance grows 6pc year-on-year in Aug
The month of August saw non-resident Bangladeshis send $1.167 billion in remittance, down by 2.84 percent from July’s receipts of $1.201 billion, the central bank said yesterday. The figure, however, is 6 percent higher than the $1.102 billion recorded for August 2011. This is the ninth consecutive month that Bangladesh has received over one billion ... Read more
Muhith at odds with central bank
Sonali Board Recast Muhith at odds with central bank Bangladesh Bank’s request to the finance ministry to recast the board of state-owned Sonali Bank following the Tk 3,832-crore loan scam has sparked off a debate. “This is not Bangladesh Bank’s duty,” said Finance Minister AMA Muhith when asked by reporters on the central bank’s recommendation ... Read more
BB for reconstituting Sonali Bank board
Failure To Stop Loan Scam BB for reconstituting Sonali Bank board The central bank yesterday requested the finance ministry to reconstitute the board of directors of Sonali Bank Ltd for its failure to stop Tk 3,832-crore loan scam. In a letter to the finance minister, Bangladesh Bank Governor Atiur Rahman said the nature of the ... Read more
BB pumps record amount of money as clients flood banks before Eid
The Bangladesh Bank on Tuesday pumped a record amount of money into the banking system as clients flooded almost all the branches of banks across the capital before the start of the 7-day vacation today. The BB lent commercial and primary dealer banks around Tk 16,522.37 crore through special repurchase agreement and liquidity support on
BB asks banks to open accounts for Padma bridge funds
Bangladesh Bank has directed all banks to open two accounts — one for local and the other for foreign currency — for receiving contributions to the fund for the Padma bridge project. For receiving local currency, an account will be opened with all branches of banks, while foreign and authorised dealer branches of banks will ... Read more
Spread of fake currencies worries traders, shoppers
Organised gangs are spreading counterfeit local currencies in the market taking advantage of the buying spree ahead of the Eid, causing worries among economists, businessmen and shoppers as well. Spread of forged currency notes in the capital and in other parts of the country is not only affecting customers and businessmen, it will also have ... Read more
No changes in monetary policy right now
Atiur says BB will follow inflation rates of both the base years until December Bangladesh Bank is not going to bring any change in its monetary policy right now though inflation rate was shown around 3 percentage points less as per the new base year over the old one. BB Governor Atiur Rahman said they ... Read more